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3. Notes

39. Derivative financial instruments

39. Derivative financial instruments

 

Assets

Liabilities

€ million

2020

2019

2020

2019

Forward foreign exchange contracts – cash flow hedges

86

9

5

30

Forward foreign exchange contracts – fair value through profit and loss

37

13

81

11

Foreign exchange options – net investment hedges

0

2

0

0

Interest rate derivatives – cash flow hedges

0

0

4

0

Interest rate derivatives – fair value through profit and loss

15

26

0

1

Total

138

50

90

42

Of which:

    

Non-current (Notes 23 and 31)

15

26

3

1

Current (Notes 23 and 31)

123

24

87

41

The full fair value of a hedging derivative is classified as a non-current asset or liability if the remaining maturity of the hedged item is more than 12 months, and as a current asset or liability, if the maturity of the hedged item is less than 12 months.

The cash flow hedges entered into by the Group were assessed to be highly effective and over 2020, a net unrealized gain of € 61 million (2019: net unrealized loss of € 55 million) after deferred taxes was included in equity in respect of these contracts. These gains/losses will be recycled to the profit or loss in the period during which the hedged forecast transactions affect the profit or loss.

The ineffective portion recognized in the profit or loss that arises from cash flow hedges amounts to € 0 million (2019: € 0 million).